News Releases
Disbarred Edmonton Lawyer Gets 12 months in Jail for Breaching ASC Order
Dec 06, 2007
An Alberta Provincial Court judge has sentenced Edmonton businessman and former lawyer Orest Rusnak to 12 months in jail for promoting the sale of Banacheck Film Projects Inc. securities to an Edmonton woman. The sentence was handed down after Rusnak pled guilty to trading in securities in breach of a March 31, 2000 Alberta Securities Commission (ASC) order that prohibited him from trading for 20 years.
During sentencing, Provincial Court Judge H.R. Chisholm called Rusnak a “financial predator” and dismissed claims by Rusnak that he was remorseful and that his actions were the result of bad legal advice. Judge Chisholm also imposed a lifetime ban against Rusnak that prohibits him from trading securities, seeking or using Alberta Securities Act exemptions and acting as a director or officer of any issuer.
Judge Chisholm also sentenced Rusnak for convictions on nine counts of breaching the same ASC order. On November 16, 2007, the Judge had ruled that Rusnak had become or acted as a director of Academy Financial Inc.; Silverado Manufacturing Limited; Super Continental Train Company Inc.; Legal Structures Inc.; Radway Economic Development Corporation; Showcase Tour Company; Talisman Financial Investments Inc.; Zurich Ventures Inc.; and Equinox Movie Productions Inc. Rusnak was fined $1,500 per count for failing to comply with a 20-year ban on becoming or acting as a director of any issuer.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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Toll Free 1.877.355.4488